Market set to follow Wall St gains

THE Australian market looks set to open higher after gains on Wall Street, where stocks rose on optimism that a military strike on Syria might be avoided.

At 0740 AEST on Tuesday, the September share price index futures contract was up 11 points at 5,203.

In economic news on Tuesday, the National Australia Bank's monthly business survey for August is due to be released.

In equities news, CUA is expected to post full year results. In Australia, the market on Monday finished half a per cent higher, buoyed by a decisive election result and positive news from China and Japan.

The benchmark S&P/ASX200 index was 36.5 points, or 0.71 per cent, higher at 5,181.5.

The broader All Ordinaries index was up 35.4 points, or 0.69 per cent, at 5,179.4.